Bank of America has been cutting people in London
Bank of America has become the latest bank to cut people in London.
The US investment bank is understood to be cutting a small number of people from the investment banking team in its London office. The number of people affected is unclear, but is understood to be in the low 10s. The cuts were first reported by Instagram account IBD memes.
Bank of America declined to comment on the cuts. The US bank has been much slower to cut jobs than peers like Goldman Sachs and Morgan Stanley, both of which have cut thousands of jobs this year. JPMorgan has also been cutting bankers in the US and Asia. However, in April the bank announced plans to cut 4,000 jobs before the end of June.
Where possible, BofA has been redeploying staff instead of letting them go. CEO Brian Moynihan said in March that M&A bankers were being moved onto mid-market deals. 40 such bankers were redeployed in China.
Bank of America has had a hiring freeze since the start of the year. However, it has also been making critical new recruits and honoring offers made in late 2022.
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